Singapore: Singapore-listed PACC Offshore Services Holdings (Posh) is set to team up with Mexican conglomerate Grupo Pegaso.
POSH announced that it has signed a term sheet with Grupo Pegaso, under which Grupo Pegaso will acquire interests in the company’s joint ventures in Mexico which are involved in the owning and chartering of offshore support vessels.
The two parties are now working towards signing a definitive agreement.
POSH, partly owned by Malaysian Bulk Carriers, has approved a capital expenditure budget of $291.5m to support its fleet expansion programme. [17/07/14]